Make sure the loan is professionally prepared.

Also, this year of 2022, the actual deadline is Monday, April 18th, thanks to an obscure holiday.Where can I find a great accountant to prepare my taxes before the deadline and avoid an extension?

One quick solution that jumps to mind, until a bigger opportunity presents itself, would be food/coffee/beverage truck or trucks. 

I assumed that we would end up basically owing nothing since depreciation, repairs and non-principle portion of our mortgage payment on the house greatly outstripped the amount paid toward principle.The tax preparer said we had to pay taxes on essentially the entire rental payment since our income was basically at 150k.

I approached him with my interest in the topic and he shared some info and also asked if I may want to be a gap lender (or other avenue of lending) for some of his deals.I thought it all sounded good and am now preparing for my first deal with him.I am primarily concerned with my risk in this deal.

- The best time to start is after you've done thorough research and are financially prepared.

I have the same reaction about food. 

They don't comply I would review your contract and prepare to make a change.

Submit offers and negotiate terms with sellers, being prepared to walk away if the deal doesn't meet your requirements.

Remember, preparation and research are your best tools in this phase.